Rich & famous heading to pawn shops?

If you need more evidence that people do really, really, dumb things with money, look no further than this great video from the Today Show about a Beverly Hills pawnshop, where famous actors and professional athletes pawn their jewelry for some much-needed cash.

This is so incredibly stupid. Interest rates on pawn loans can easily extend into the 3-digits. It's pretty insane to use these loans in the first place, and it's really dumb if you earn enough money to be able to survive in the first place.

It just goes to show you that financial stupidity does not discriminate based on income.